But the question is about the motive for sending bullion to the Mint. It appears that the corresponding state of things exists unless it be an exceptional instance, as reported by the Minister, in his despatch received on 31/8/87 (2777 M. Kory), in which a large sum was sent there to be coined, (as might be expected) in China, the foreign coins in Dollars having disappeared (or nearly so) there also. There being no purpose for which the Mexican Dollar will not answer for the sake of the assay.
The present price list, as well as the new British Dollar, is as follows: Mexican Dollars are $4.177 per oz of fine Silver (Standard) $5.04 per oz. The same prices have now ruled for some time.
The pure silver in M.D. being 9/10 fine of the gross weight, & in bar silver (standard) 22/24 fine of the gross weight, the bullion in the form of bars is more valuable than in the form of M. Dollars. Consequently, Dollars are not being melted for their silver content, but are being used for a long time, precisely at "melting point." They are being used with the bullion containing fine silver. – H.R. Meredith closely watched the Commission's refast there.
Of course, the Mint will pay a certain percentage for the coinage when the Contractor furnishes his bullion with the former at par, or close upon it. The Mint accordingly stands still with the circumstances just reported in 2777.
Fr. H. Robison, in his despatch from Canton, dated 11/8/66 (254 Cypher) says his confidence in the project is not shaken and recommends (with some other measures in detail) that the Imperial Government should be supplied with bullion from home and ordered to get this coined into the new dollars and pay the Army in China in nothing else.
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